Understanding and avoiding marketing myopia

When your vision in business is restricted

This expression, which was first used by renowned economist and marketing theorist Theodore Levitt in 1960, describes the propensity of some businesses to narrowly focus on their own products or services rather than taking a broader look at their consumer needs. Something that shouldn’t be overlooked in a market that is, furthermore, evolving at an increasingly rapid pace.

As with horse blinkers, marketing myopia happens when companies are overconfident in their goods or services and unable or reluctant to see beyond their limited horizons, ignoring shifts in culture or consumer preferences. In other words, in such situations, one may get so preoccupied with their own output that they fail to see the bigger picture.

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Several examples of marketing myopia in action

Traditional photography companies are an excellent case of “marketing myopia.” Because of the rise of digital photography—or more precisely, because they were unable to “react” to it—many of these companies failed. They chose to focus solely on improving their product—traditional cameras—while ignoring the significant innovation that was disrupting their sector. By doing this, they overlooked the paradigm shift that the development of mobile devices and new technologies represented for their business.

The music industry, which previously focused on selling physical media like CDs and vinyl, is another example. Many record labels and musicians failed to adjust to the fresh setting when streaming services and digital music were introduced, and in many cases, they paid for it. Top companies in the video game and movie rental sector were impacted by the same crisis because they, too, did not understand the significance of the digital era and online streaming and did not make the necessary investments to keep up with the changing times.

Furthermore, due to their marketing myopia, several of the most popular clothing companies and retailers ignored e-commerce. This tendency made it extremely difficult for them to adapt to new customer buying trends, endangering their ability to make a profit.

How to escape the marketing myopia trap

Companies need to have a customer-oriented approach and be willing to adapt to new trends, sometimes even anticipate them, in order to avoid slipping into this trap.

The key challenge a business must face if it wants to avoid marketing myopia is to adapt as clients change and be able to catch this transformation in the moment. It’s not just about preserving your market leadership; occasionally, failing to adapt can result in failure, regardless of how prominent a company is.

Only by always paying attention to the needs of customers can companies anticipate societal changes and thrive in the fiercely competitive context of modern business. This calls for a constant exploration of new opportunities, attention to developing trends, a willingness to invest in innovation, and the capacity for constant change.

The only way to avoid the traps of a narrow vision and guarantee long-term success in a business environment that is constantly changing is to maintain a balance between focus and flexibility.

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